Business
Original-Research: SYNBIOTIC SE (von NuWays AG): BUY
Original-Research: SYNBIOTIC SE (von NuWays AG): BUY
About this update from Synbiotic Se
Original-Research: SYNBIOTIC SE - from NuWays AG 19.12.2025 / 09:26 CET/CEST Dissemination of a Research, transmitted by - a service of . The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to SYNBIOTIC SE Company Name:SYNBIOTIC SEISIN: Reason for the research:UpdateRecommendation:BUYfrom:19.12.2025Target price:EUR 5.50Target price on sight of:12 monthsLast rating change: Analyst:Christian Sandherr Additional capital to support strategic realignment; chg. PT Recent developments at SYNBIOTIC have sharpened the company’s strategic realignment. Acombination of additional equity financing, a portfolio consolidation and a new strategic investorshould help to make the equity story more robust going forward, in our view. Portfolio “clean up”. SYNBIOTIC discontinued financial support for its Austrian subsidiaryBushdoctor GmbH, which subsequently filed for insolvency. The decision followed an internal reviewof the subsidiary’s operational and financial performance, revealing it was no longer aligned with thegroup’s strategic priorities. As a result, SYNBIOTIC has effectively removed a loss-making, non-corebusiness from its portfolio, reducing cash outflows and allowing management to concentrate resources on higher-potential areas such as medical cannabis and industrial hemp. Additional equity. SYNBIOTIC executed two small cash capital increases without subscriptionrights, issuing a total of 387k new shares at prices of € 1.60 and € 1.70, raising gross proceeds of upto € 0.64m. The resulting dilution stands at roughly 5%. The capital will be used to support growthinitiatives, including product development and operational execution across the group’s coresegments. Strategic investor entry. As part of one of those capital increases, SYNBIOTIC secured an anchorinvestment from CANSOUL, a specialised equity fund investing across the entire global value chainof the hemp and cannabis industry. Its holistic investment approach covers cultivation, research,technology, extraction and distribution through to pharmaceutical development. Importantly, this dealinitiates a long-term strategic partnership (e.g. access to further capital, CANASOUL’s network),highlighting the strength and appeal of SYNBIOTIC’s ...